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A fundamentally weak oil demand that is negatively affected by the high oil prices is hampering demand for both crude and product tanker tonnage. The weak demand is set to stay around according to IEA, which projects limited growth in 2011 of 1.5% against the 3.3% rebound growth in 2010.
On the eve of 15 November the Liberian flagged tanker Pacific Zircon was attacked by an unmanned aerial vehicle. The tanker is associated with Israeli economic interests.
In a recent tanker market report, we highlighted some of the current issues surrounding transit crude and crude pipelines; on that note, attention once again has turned to Canada’s Trans Mountain Extension project (TMX). The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
This year, 15-year-old crude tanker values have broadly outperformed the rest of the secondhand tanker market in terms of both prices and enquiry. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
Since the beginning of last year less than 60 tankers over 25,000 dwt have been scrapped, roughly half of what was scrapped in 2018. In particular, just 4 VLCCs have been demolished over the period, compared to 38 in 2018. Weekly tanker market report by Gibson Shipbrokers.
New virus mutations and outbreaks have slowed the recovery in global oil demand as some countries lock down again and international travel remains complicated.
The recent explosion at Philadelphia Energy Solutions’ (PES) 335,000 b/d Philly refinery has come at an opportune time for product tankers trading in the Atlantic, whilst the decision to permanently shut the facility will have longer term implications for product supplies into the US Atlantic Coast. The weekly tanker market report by Gibson Shipbrokers.
Read the latest digest of maritime security incidents and the weather forecast for piracy threat areas for the week to come.
Read the latest digest of maritime security incidents and the weather forecast for piracy threat areas for the week to come.
Read the latest digest of maritime security incidents and the weather forecast for piracy threat areas for the week to come.
